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-Modelle deutliche Unterschiede zwischen quantitativen und qualitativen Kriterien existieren. Desweiteren kann nachgewiesen werden, daß … sowohl im Vergleich zwischen Kredit- und Anleiheratings als auch im Interbankenvergleich der Kreditratings Unterschiede in …
Persistent link: https://www.econbiz.de/10005463612
Investors and academics increasingly criticize that features of employee stock option (ESO) programs reflect rent-extraction by managers (managerial power view). We use a unique European data set to investigate the relationship between the design of ESO programs and corporate governance...
Persistent link: https://www.econbiz.de/10005463617
If individuals have to evaluate a portfolio (or sequence) of lotteries their judgment is influenced by the portfolio presentation mode. Experimental studies (Redelmeier and Tversky, 1992, Benartzi and Thaler, 1998) found significantly higher acceptance rates for a sequence of lotteries, if the...
Persistent link: https://www.econbiz.de/10005463636
Portfolio choice is usually modelled by von Neumann-Morgenstern utility. Risk-value models are more general and permit the derivation of risk-value efficient frontiers. A behaviourally based risk measure with an endogenous or exogenous benchmark is used to derive effcient portfolios and to...
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Individuen überschätzen häufig ihre Kenntnisse und Fähigkeiten oder die Qualität ihrer Information. Bei Entscheidungen … unter Unsicher-heit kann dies zu einer verzerrten Wahrnehmung der Erfolgswahrscheinlichkeit einer Entscheidung und im … Entstehungsursachen des "Overconfidence Bias" und unter-sucht dessen Konsequenzen in Finanzmärkten. …
Persistent link: https://www.econbiz.de/10005463687
An experiment examined the effect that the type and presentation format of information about investment options have on expectations held by investors about asset risk, returns, and volatility. Some respondents were provided with the names of investment options in addition to historical...
Persistent link: https://www.econbiz.de/10005463698